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minor-transgression
I believe you have raised a major point (Italy bailing its banks) that is getting little attention!
The Germans went along with it. As long as only Italy itself bails out its banks. Banks all over Europe apparently are even weaker on the average that US banks are.
IMO, this is all going to blow up in a way that hurts a whole lot of people. Best have some assets outside the financial system. Bitcoin and gold count...
STT
I agree that things have sped way up since Rome. The parallels are ominous.
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This whole Bitcoin Halving will be extremely instructive.
We will see how much the hype and the manipulators will drive the price.
I have no idea what the prices will be between now and July 9. A short week and a day away. Perhaps after our July 4 holiday (USA), we will see great volatility, I will be watching too!
* * *
"Someone" perhaps should do a calculation to find BTC's Stock:Flow ratio. If it is very high (like gold), that might tell us something.
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Yeah, you're right. I looked at the price charts. The decline in bitcoin started 3 days before the Brexit vote. The price was perhaps declining alongside all the other currencies (vs the British Pound) when the vote results were thought to result with a win for the "remain" camp.
And the decline also probably has to do with bitcoin dynamics, like the halving.
Brexit was the first opportunity that we have had to observe BTC price in a moment of great financial turmoil. There has been relatively little change in its price (and yeah, it could be dynamics related to halving, I don't know) in the past few days. Gold has a fairly large move upwards since Brexit. So far, gold has been the safe haven investment. Let's keep watching...  |
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I always say, If you come with a problem, be willing to suggest a solution. So, how do you suggest, we as a community compete with a country with super low electricity cost and a clear advantage in the manufacturing of Asic chips? The only possible scenario would be to approach Silicon Valley and to ask them to start with the development and research into Asic chips for Bitcoin mining and to fund a huge manufacturing plant, where these chips would be manufactured, outside of China.  ...You are talking about a huge capital investment here... Kprawn I have long wondered why Samsung or some other big chip maker never went after making ASIC chips for mining BTC. Yes, I do understand that BTC ASIC chips are a niche product, but there would seem to be a profitable opportunity for a Samsung or a niche US chip maker. A serious chip manufacturer would likely blow BitFury, AntMiner, etc. right out of the water, at least that's what it seems like to me. Cheap electricity and .gov cronyism in China would be separate issues re mining inside/outside of China. |
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trollercoaster & iamnotback
Some of the the worldwide pumps are now running out of gas, being freaked-out by Brexit. BTC has not benefited from Brexit, gold has.
I have been noting, iamnotback, that others have become wary of Chinese mining centralization. To my knowledge, this was not foreseen (or at least no discussions that I ever saw) by the Bitcoin pioneers.
China even devalued its Yuan tonight (US ET). I do not trust (duh!) China, but as you write, iamnotback, we would be fools to trust the US SEC or any equivalent regulators anywhere else.
Armstrong sure has that right: corruption is everywhere, all these .gov hands reaching to steal as much as possible.
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Hello, Can anyone recommend a bitcoin mixer site to clean coins? Only recommend sites you used yourself and no posts from newbies please.
Coins from bitcoin mixers are likely to be not so clean.... they just help you to make the source difficult to trace. Yes. Bitcoin mixers "launder" BTC so that it is hard to trace your "new BTC" back to your "old BTC". It hides the connections between origin and destination of a BTC transaction. "Clean Bitcoin" implies BTC that have not been associated with gambling sites, etc. Some exchanges and/or service providers do not want BTC "tainted" from those uses. "Clean Bitcoin" (as mentioned above by Jhanzo) to me would be BTC bought directly from a miner. Buying such Clean Bitcoin ought to be a new thread, as I bet that there would be many here interested in paying, say, a 5% premium for such "clean" BTC, direct from the newly created BTC won by a miner. * * * I would agree that bitmixer.io is a great mixing service. I have used them many times. |
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Like may here, I was interested in the whole Cloud Mining idea, it seemed that with reputable service providers that it might have worked OK. So, I looked around, asked some questions here & there, etc. I was unable to find EVEN ONE cloud mining opportunity that looked legit. So my one tip would be:
"Don't do it!"
They all look too scammy.
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ziiip
Just today I was reading somewhere (I regret that I do not remember where) that those three (AntPool, F2Pool and BTCC) may be owned in whole or part by the same entity/ies over there.
Maverick bitcointalk member "iamnotback" has been warning now for sometime that the Chinese centralization of BTC mining is a big problem. Your thread would seem to back up this concern.
Time to spend some BTC on gold?
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I really do not have any idea if "China" is or not. My *guess* would be no, but "China" is a slippery concept... Their government?
I did read a rumor today that F2Pool, AntPool and BTCC are actually all owned (or in part) by the same or related entities in China. I cannot remember where I read that, it seems unlikely, but possible. In any case the relatively strong centralization of mining is a concern, and to my knowledge was not anticipated nor discussed by the Bitcoin pioneers. With over 60% of Bitcoin mining (miners confirm BTC transactions!), that is a tad worrisome...
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So far, Brexit has had very little effect on BTC price, at least that I can see. BTC is down today a little, and has not changed much since early Friday morning (US ET) when the Brexit results came in.
This suggests that maybe BTC is not that great as a "Fear Trade". To my knowledge, this is the first Big Financial Event to happen since BTC became famous (or at least since I started participating). The next few days will be of interest watching BTC prices, especially if there is further turbulence in the financial markets worldwide. CHINA just devalued, I just read that at Zero Hedge, their Premier Li said that there are already ripple effects on them re Brexit...
Gold has moved nicely since early AM Friday, including about $9.00 last I looked (Asian trading).
A good test of Bitcoin as a safe haven trade would be its change during the collapse of an entire country. A candidate to watch would be Venezuela, that country is in deep scheisse now.
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"... for a While"
And gold HAS been doing better than BTC since the Brexit results came in early Friday morning (US ET), last I looked gold was up some $9.00 in Asian trading tonight, while BTC is down.
It looks like The Fear Trade is to buy gold. BTC has not moved much either direction since then.
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iamnotback !! Mate-y, I don't where those comments of mine would be, but indeed it is regrettable that there are no decent fixed income investments out there (offering a good yield at reasonably low risk). I think the whole Financial Repression situation is caused by several things (lots of investors running scared and willing to accept low yields is probably No. 1). A 42% annual rate looks mighty risky to me... I'll take a look, but it's highly unlikely I'll bite... Yes, "Exchange Bankruptcy Risk" is indeed a negative factor. |
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... Armstrong was the loudest table-pounder advising us of the rise of third parties in Europe as well as Brexit.Frankly, I was not paying much attention to his calls, but he made 'em, and I will be paying more attention hereon. Armstrong has a slew of articles over the past couple of days re Brexit and related: https://www.armstrongeconomics.com/blog/* * * As I first wrote when opening this thread, I read Armstrong for his ideas. I am not in a position (nor even want to do the work) to judge his calls. IMO his vision of history and his huge database/supercomputer are very interesting experiments which are worth following. |
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I don't know if I'm in the good topics but does the Brexit of UK from Europe will have an impact an cryptocurrency ?
What's your opinion ?
Will we have in few days an UK coin, Walles coin ...
What good can we extract from this news for the cyptocurrency world ?
Well, yes, IMO Brexit is good for Bitcoin. The more uncertainty as well as some news I read earlier about British tourists unable to convert their Pounds Sterling into Euros (in Greece) caught my attention. But, BTC is not all that "liquid" in many countries. My guess is that gold will be a big beneficiary of financial problems in Europe... |
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Most polls had the UK to "Bremain", late last night all that was smashed to pieces. The UK Pound was down huge, the largest drop since the currencies were permitted to float.
Gold was up some $50, one of the the only times that has ever happened.
FEAR is ruling the financial world this weekend. Derivatives and margin calls may hit on Monday (remember October in 1987? Monday was the killer after a bad prior week). Risks of contagion are very high.
When there is fear in the air, people flock to gold. Yes, BTC will likely perform as currencies become perilous. BTC may be better over a longer haul. But it is the short-term that I am looking at hardest.
Prudence would suggest that everyone own some gold.
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Every report that I have read indicates that the Chinese are doing the bulk of BTC buying over the past 10 days or so. There is an effort among some of the wealthy in China to get money out, without doubt some of that may be via BTC. BTC allows easy "export" of capital, capital controls don't work w/ Bitcoin...
And there are a LOT of ways to get BTC out of China. Hardware wallets (my favorite). blockchain.info wallet & similar (only recommended for short-term use). In a smartphone. Or just direct transmission of BTC to a trusted one already outside China.
Easy peasy.
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Gold has become history for me now, I cannot afford to invest in it as I really dont have patience to wait for making profits So I will prefer to invest in bitcoin.
If you don't have the patience, then don't go for gold. Gold is a very very long term investment, similar to those 30-year United States treasury bonds. If you can't wait for that long, then go for some other type of investment. And now coming to Bitcoin, I have a feeling that the coins are over-prized right now. If a crash happens, then you may need to wait for 3-4 years for it to rise again. Yes. Bitcoin and gold are two completely different investments. Buy and hold both! Diversification is smart. Buy gold, and quietly hold it. Increase your holdings through the years. Pass it down to your children... This is what the wealthy in Europe have done for centuries. Gold is the best wealth preservation investment in town. Bitcoin does indeed offer great volatility. In the short-term, yes, you can get a lot of action (up and down, as most of us have seen). There is no reason why not to buy some gold. 1/10th oz. American Gold Eagles cost only about $150 now. |
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Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.
Just as important, IMO, is " merchant acceptance" of Bitcoin. BTC truly needs more goods & services providers who will take BTC as payment. Some already do, but not nearly enough. If Bitcoin price keeps going up, that will attract attention of BTC buyers, and with luck more merchants will then opt to accept it. |
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